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#11
03-04-2005, 01:32 PM
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Re: Depositing Large Sums of Cash
I'm not a lawyer, but it is my understanding that breaking up a large deposit in order to evade reporting requirements is illegal (It's so wonderful to live in the land of the free). Of course, if you spread it out over a long enough period of time, and multiple bank accounts, it's not likely that you'll get caught. If your not trying to evade taxes, and you've one the money in legal poker games, it's probably best to just deposit it and file the proper paperwork and if anybody asks why you're depositing so much cash, be honest.
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#12
03-04-2005, 01:45 PM
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Re: Depositing Large Sums of Cash
[ QUOTE ]
I certainly don't recommend shady dealings/etc, but if you just want to avoid the hassle if anyone should ever question the deposit - why not deposit it in pieces. $1000 here - $3000 there - shouldn't take long... [/ QUOTE ] This is known as structuring. Banks will commonly file a Suspicious Activity Report (SAR) if you do that.
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#13
03-04-2005, 02:22 PM
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Re: Depositing Large Sums of Cash
if you just want to keep the money safe (i.e. so its not in your house), you can use a safety deposit box. i think i pay $55/year for mine.
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#14
03-04-2005, 02:28 PM
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Re: Depositing Large Sums of Cash
[ QUOTE ]
if you just want to keep the money safe (i.e. so its not in your house), you can use a safety deposit box. i think i pay $55/year for mine. [/ QUOTE ] If you keep it in a box at your cardroom, it's probably free. scrub
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#15
03-04-2005, 02:38 PM
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Re: Depositing Large Sums of Cash
Even if you are an upstanding tax paying citizen, before depositing the cash you should talk to an accountant regarding the tax consequences of such income. It would SUCK to find out in April (or April of next year or the next quarter depending on when the gain is reported) that you have to go in your pocket and duke the gov't some insane percentage of money you spent time and effort winning and already spent. If you are in a position to be depositing winnings of 10K or more, tax planning and record keeping is a must. This does not just mean tracking losses to deduct against gains (or going to the racetrack and scooping up losing tickets). I am a lawyer and I have seen some people get absoultley SCREWED for failure to take simple precautions.
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#16
03-04-2005, 03:52 PM
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Re: Depositing Large Sums of Cash
What about using other institutions besides banks? What if you went in and bought $10K in stock? Aslo, if you had the 10K in chips, can you ask the casino to cut you a check instead of cash?
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#17
03-04-2005, 04:14 PM
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Re: Depositing Large Sums of Cash
Banks typically work on two business days. They usually switch over at 2 pm or so. Technically you are allowed to deposit up to exactly 10k before the day switches, and then another 10k on the next business day.
But most bank employees will find this suspicious, and they can file a suspicious activity report if they feel like it. SOme bankers are very very very paranoid, cause if anything fraudlike happens on the watch it can go on them. I don't know how much cash you have, but just stick it in one lump sum(you may want to call the bank ahead of time to arrange this if its a small branch). Or just stick in 5-7k a week. Provided you file your taxes appropriately neither of these should case any issue.
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#18
03-04-2005, 06:05 PM
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Re: Depositing Large Sums of Cash
[ QUOTE ]
[ QUOTE ] I certainly don't recommend shady dealings/etc, but if you just want to avoid the hassle if anyone should ever question the deposit - why not deposit it in pieces. $1000 here - $3000 there - shouldn't take long... [/ QUOTE ] This is known as structuring. Banks will commonly file a Suspicious Activity Report (SAR) if you do that. [/ QUOTE ] This is correct and its very important -- you can get in a lot more trouble if you structure transactions around the rule and get caught. The 10K rule is now used for money laundering compliance purposes as well as tax purposes -- banks and other financial institutions (including casinos) are looking for this.
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#19
03-04-2005, 06:17 PM
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Re: Depositing Large Sums of Cash
[ QUOTE ]
How do you guys go about depositing large sums ($10,000+) into your bank accounts? [/ QUOTE ] You dont. Unless you're the head of Homeland Security, then maybe you'll get a pass but I doubt it. They'll still shoot you for being so dumb.
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#20
03-04-2005, 06:58 PM
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Re: Depositing Large Sums of Cash
[ QUOTE ]
if you just want to avoid the hassle if anyone should ever question the deposit - why not deposit it in pieces. $1000 here - $3000 there - shouldn't take long... [/ QUOTE ] If you do this, you will be inviting scrutiny. With the new Homeland Security rules, banks track deposits of this time to limit the funding abilities of terrorist groups or so the theory goes. If you spend a couple of weeks making $1-3k deposits and then take a few cash withdraws within a month or so, you are almost guaranteed to have your account frozen and an investigative team with FBI and IRS agents at your door. Deposit it all at once, fill out the proper forms and accept the IRS Audit that will be coming. Next time, set up a line of credit at the Casino and don’t carry so much cash around.
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